Democrats plan to revise President Joe Biden’s proposal that all bank transactions of more than $600 be reported to the IRS as banks and privacy advocates come out against the plan.

The initial proposal was for banks to report all account inflows and outflows of over $600 to the IRS in an effort to crack down on tax cheats and raise revenue for Democrats’ multitrillion-dollar infrastructure and social spending package. Now, House Ways and Means Chairman Richard Neal says Democrats have agreed to raise that threshold.

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